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VCT Cash Piles
Posted: December 5th, 2016, 5:41 pm
by naflod
After a lot of fun on the testing page (an excellent feature when trying to sort something out) and sage advice from kiloran, here is my latest update:
Code: Select all
Invs (exc
fund int bearing 6m 12m 6m 12m war
raising Date parked cash) Cash Pipeline Pipeline realised realised chest years
2016 £m £000's £000's £000's £000's £000's £000's £000's
Baronsmead VT 30/09/2016 128,261 21,591 4,475 15,494 21,591 4.82
Baronsmead 2VT 30/09/2016 116,579 24,110 1,512 6,191 24,110 7.97
Br Smaller Cos 3.8 31/03/2016 58,790 36,120 5,400 13,700 39,920 7.39
Br Smaller Cos 2 30/06/2016 35,792 20,006 1,100 2,378 20,006 18.19
Chrysalis 30/04/2016 17,573 7,351 605 1,600 7,351 6.08
Crown Place 30/06/2016 30,296 6,896 4,556 2,879 6,896 1.51
Downing One 31/03/2016 65,445 26,713 21,456 27,448 26,713 1.25
Edge H 31/08/2016 3,171 2,112 500 0 2,112 2.11
Maven 4 VCT 30/06/2016 27,891 4,471 1,048 1,011 4,471 2.13
Maven 5 VCT 31/05/2016 24,953 516 497 3,024 516 0.52
Mobeus I&G 2 30/09/2016 22,797 18,202 374 59 18,202 24.33
Northern VT 30/09/2016 69,226 8,552 6,200 11,100 8,552 1.38
Northern VT 2 30/09/2016 60,991 11,093 5,000 4,400 11,093 1.11
Northern VT 3 30/09/2016 68,849 1,542 4,700 3,300 1,542 0.16
ProVen 31/08/2016 63,836 36,329 3,290 6,269 36,329 5.52
ProVen G&I 31/08/2016 62,184 10,578 2,780 7,265 10,578 1.90
Albion VCT 30/09/2016 51,672 6,706 4,373 318 6,706 0.77
Albion Dev 30/06/2016 32,509 10,954 1,025 491 10,954 5.34
Albion Enterprise 30/09/2016 35,719 8,629 2,135 473 8,629 2.02
Albion Tech&Gen 30/06/2016 53,517 8,987 1,855 1,196 8,987 2.42
Foresight 1 Ord 30/06/2016 60,329 32,017 0 92 32,017
Income & Growth 31/03/2016 42,174 32,982 4,440 5,674 32,982 3.71
Mobeus I&G 30/06/2016 37,886 30,667 1,690 2,250 30,667 9.07
Mobeus I&G 4 30/06/2016 28,669 11,378 1,310 1,640 11,378 4.34
Octopus Titan 30/04/2016 188,265 113,465 19,900 47,107 113,465 2.85
3.8 1,387,374 491,967 57,034 43,187 92,360 72,999 495,767 3.15
British Smaller Co's and Income & Growth are overdue for publishing September figures, but I wanted to get the latest table up, to get it going here on The Lemon Fool.
Baronsmead 2 published 9 month figures, so I weighted them into the 6 month column.
The average time required is
3 years 2 months, but that is definitely still being skewed by the fund managers adjusting to the new rules. this applies to such an extent with Foresight 1 that they had no new investments in the last six months!
Apologies to those who wanted names on the right as well in the past, but there is a width limit that tips on to the next line.
As ever, please let me know if you spot any errors
naflod
Re: VCT Cash Piles
Posted: December 5th, 2016, 5:48 pm
by naflod
I have just discovered that by clicking on select all at the top of the table, then opening notepad, it can be pasted in, to be viewed in full rather than needing to scroll and losing the headings.
naflod
Re: VCT Cash Piles
Posted: December 6th, 2016, 8:49 am
by Karellan
naflod , much appreciated as always.
Re: VCT Cash Piles
Posted: December 6th, 2016, 9:39 am
by BusyBumbleBee
Very much appreciated as always
Comes out even better than it did in the other place and fits on the page without the end column of names - ability to copy brilliant - thanks for pointing it out.
Shows just how much cash the Brit Smaller Cos VCT has - so it can/
must make that distribution for the sale of Go Outdoors
Many thanks - BBB
Re: VCT Cash Piles
Posted: December 14th, 2016, 11:23 am
by naflod
Here is the update to take account of the British Smaller Cos and Downing One six month figures:
Code: Select all
Invs (exc
fund parked 6m 12m 6m 12m war
raising Date cash) Cash Pipeline Pipeline realised realised chest years
2016 £m £000's £000's £000's £000's £000's £000's £000's
Baronsmead VT 30/09/2016 128,261 21,591 4,475 15,494 21,591 4.82
Baronsmead 2VT 30/09/2016 116,579 24,110 1,512 6,191 24,110 7.97
Br Smaller Cos 30/09/2016 62,672 29,544 1,376 847 29,544 10.74
Br Smaller Cos 2 30/06/2016 35,792 20,006 1,100 2,378 20,006 18.19
Chrysalis 30/04/2016 17,573 7,351 605 1,600 7,351 6.08
Crown Place 30/06/2016 30,296 6,896 4,556 2,879 6,896 1.51
Downing One 30/09/2016 87,644 8,118 25,577 5,549 8,118 0.16
Edge H 31/08/2016 3,171 2,112 500 2,112 2.11
Maven 4 VCT 30/06/2016 27,891 4,471 1,048 1,011 4,471 2.13
Maven 5 VCT 31/05/2016 24,953 516 497 3,024 516 0.52
Mobeus I&G 2 30/09/2016 22,797 18,202 374 59 18,202 24.33
Northern VT 30/09/2016 69,226 8,552 6,200 11,100 8,552 1.38
Northern VT 2 30/09/2016 60,991 11,093 5,000 4,400 11,093 1.11
Northern VT 3 30/09/2016 68,849 1,542 4,700 3,300 1,542 0.16
ProVen 31/08/2016 63,836 36,329 3,290 6,269 36,329 5.52
ProVen G&I 31/08/2016 62,184 10,578 2,780 7,265 10,578 1.90
Albion VCT 30/09/2016 51,672 6,706 4,373 318 6,706 0.77
Albion Dev 30/06/2016 32,509 10,954 1,025 491 10,954 5.34
Albion Enterprise 30/09/2016 35,719 8,629 2,135 473 8,629 2.02
Albion Tech&Gen 30/06/2016 53,517 8,987 1,855 1,196 8,987 2.42
Foresight 1 Ord 30/06/2016 60,329 32,017 92 32,017
Income & Growth 31/03/2016 42,174 32,982 4,440 5,674 32,982 3.71
Mobeus I&G 30/06/2016 37,886 30,667 1,690 2,250 30,667 9.07
Mobeus I&G 4 30/06/2016 28,669 11,378 1,310 1,640 11,378 4.34
Octopus Titan 30/04/2016 188,265 113,465 19,900 47,107 113,465 2.85
0.0 1,413,455 466,796 83,987 16,331 98,756 31,851 466,796 2.53
Interestingly, the massive level of investment by Downing One has offset the slow progress of others and brought the overall average down to two and a half years' cash and back within the three year limit.
It will be interesting to look back in the future to see how Downing fare; the phrase "fools rush in where angels fear to tread" looms large in the mind, but then they may end up looking like geniuses by taking advantage of the situation whilst others dithered.
naflod
Re: VCT Cash Piles
Posted: December 28th, 2016, 9:29 pm
by naflod
I found it interesting in the Investment Management Report in the Chrysalis VCT year end accounts published last week that there was the following paragraph:
As well as making new investments more difficult, the new rules have dramatically reduced the pool of potential investee companies, however, there remains substantial cash in VCTs looking for a home. Consequently, competition for deals is fiercer and investment terms are inevitably less attractive. Although the new rules emulated from Brussels, it is unlikely that they will be substantially changed in the medium term despite Brexit.
Chrysalis VCT plc remains fortunate that we are fairly fully invested and is therefore not under pressure to make new investments. We do, of course, continue to look for new opportunities and to work with the portfolio in order to finance their growth where it is allowed.
They spell out the
substantial cash pile and the knock on effect of having to settle for less attractive terms in order to secure deals.
Their claim to be "fairly fully invested and is therefore not under pressure to make new investments" may however, appear to be a little disingenuous as, at their recent rate of investment it will take over 8 years to fully invest their cash pile. On the other hand, looking at the ratio of VC investments to investments plus cash and parked cash they are 74% invested, so exceed the 70% rule.
naflod
Re: VCT Cash Piles
Posted: January 5th, 2017, 9:14 pm
by naflod
My poll has had its week run and has come out in favour of continuing posting on this thread.
Since the last update there have been results from Income & Growth and Chrysalis, plus the start of notifications on Clubfinance of amounts raised in the current offerings:
http://www.clubfinance.co.uk/VCT-funds-raised.phpA change that I have made to the layout is to sort them into alphabetical order, rather than my traditional my holdings followed by Mrs naflod's holdings, but now made possible by the wonderful table posting macro, available on the link below along with other useful resources:
http://lemonfoolfinancialsoftware.weebl ... neous.htmlCode: Select all
Invs (exc
fund parked 6m 12m 6m 12m war
raising Date cash) Cash Pipeline Pipeline realised realised chest years
2016 £m £000's £000's £000's £000's £000's £000's £000's
Albion Dev 30/06/2016 32,509 10,954 1,025 491 10,954 5.34
Albion Enterprise 30/09/2016 35,719 8,629 2,135 473 8,629 2.02
Albion Tech&Gen 30/06/2016 53,517 8,987 1,855 1,196 8,987 2.42
Albion VCT 30/09/2016 51,672 6,706 4,373 318 6,706 0.77
Baronsmead 2VT 30/09/2016 116,579 24,110 1,512 6,191 24,110 7.97
Baronsmead VT 30/09/2016 128,261 21,591 4,475 15,494 21,591 4.82
Br Smaller Cos 30/09/2016 62,672 29,544 1,376 847 29,544 10.74
Br Smaller Cos 2 30/06/2016 35,792 20,006 1,100 2,378 20,006 18.19
Chrysalis 31/10/2016 17,811 6,318 755 1,890 6,318 8.37
Crown Place 30/06/2016 30,296 6,896 4,556 2,879 6,896 1.51
Downing One 30/09/2016 87,644 8,118 25,577 5,549 8,118 0.16
Edge H 31/08/2016 3,171 2,112 500 2,112 2.11
Foresight 1 Ord 30/06/2016 60,329 32,017 92 32,017
Income & Growth 30/09/2016 42,583 29,310 5,120 7,390 29,310 5.72
Maven 4 VCT 30/06/2016 27,891 4,471 1,048 1,011 4,471 2.13
Maven 5 VCT 31/05/2016 24,953 516 497 3,024 516 0.52
Mobeus I&G 30/06/2016 37,886 30,667 1,690 2,250 30,667 9.07
Mobeus I&G 2 30/09/2016 22,797 18,202 374 59 18,202 24.33
Mobeus I&G 4 30/06/2016 28,669 11,378 1,310 1,640 11,378 4.34
Northern VT 30/09/2016 69,226 8,552 6,200 11,100 8,552 1.38
Northern VT 2 30/09/2016 60,991 11,093 5,000 4,400 11,093 1.11
Northern VT 3 30/09/2016 68,849 1,542 4,700 3,300 1,542 0.16
Octopus Titan 60.1 30/04/2016 188,265 113,465 19,900 47,107 173,565 4.36
ProVen 31/08/2016 63,836 36,329 3,290 6,269 36,329 5.52
ProVen G&I 17.0 31/08/2016 62,184 10,578 2,780 7,265 27,578 4.96
77.1 1,414,102 462,091 78,942 22,206 91,482 41,131 539,191 2.99
Thanks for the suggestion of the [pre] command TJH to pin the column headers, but I haven't managed yet to get it to work with the posting tool. I'll keep trying to get that to work.
In the meantime, if anyone wants the spreadsheet e-mailing whenever I post an update let me know off board and I'll send it.
The thing that jumps out from this update is that the combined years to invest, following the inclusion of the Octopus Titan and ProVen G&I new money raised figures stands at 2.99 years. I have ignored the Albion group fund raised total of £8million as no split is given, however if that were included it would take the total to 3.04 years.
naflod
Re: VCT Cash Piles
Posted: January 6th, 2017, 10:32 am
by BusyBumbleBee
A big thank-you for this - again
The Albion Top up offers 2016/17) are for £4 million for each plus up to another £2 million each if needed.
What is also apparent is that the cash piles cost big time in terms of the Manager's fee and the longer they are held the more they are devalued by this fee. So Chrysalis which has a management fee of 1.5% of NAV must be compared with 2% for British Smaller Cos, 2.5% for Ventus for example. Might be figure worth including in another column.
with kind regards - BBB
Re: VCT Cash Piles
Posted: January 24th, 2017, 9:15 am
by BusyBumbleBee
I have ignored the Albion group fund raised total of £8 million as no split is given, however if that were included it would take the total to 3.04 year
They have just announced that they will raise £6 million per VCT except for the Development VCT which remains at £4 million so they could/will raise £34 million in total.
Re: VCT Cash Piles
Posted: March 23rd, 2017, 6:23 pm
by BusyBumbleBee
BusyBumbleBee wrote:What is also apparent is that the cash piles cost big time in terms of the Manager's fee and the longer they are held the more they are devalued by this fee. So Chrysalis which has a management fee of 1.5% of NAV must be compared with 2% for British Smaller Cos, 2.5% for Ventus for example. Might be figure worth including in another column.
We are now fast approaching the end of the 'VCT SEASON" and many VCTs are flush with cash and doubtless you are working hard to get the new list out. Of course the manager's take a cut of all funds as I mentioned in an earlier post and this has the effect of dragging the NAV down by their fee every year - which may be why some VCTs are cutting their dividends. If we calculate the amount of cash and the manager's fee for just holding it we might see some interesting results.
Any chance of including those two columns? I am sure you will get some help with finding the figures if its a lot of work for you to do on your own.
Oh, yes - and I wonder if other investors are coming to the same conclusion as I am namely that for a well run VCT to continue raising funds which have to be invested under the new rules means they are effectively diluting the returns from the existing - and more valuable portfolio companies. Not at all sure that I want them to do that.
Re: VCT Cash Piles
Posted: March 23rd, 2017, 7:33 pm
by scotia
Oh, yes - and I wonder if other investors are coming to the same conclusion as I am namely that for a well run VCT to continue raising funds which have to be invested under the new rules means they are effectively diluting the returns from the existing - and more valuable portfolio companies. Not at all sure that I want them to do that.
In the distant past, new VCT issues would be placed in new classes, and wouldn't be merged for some time - e.g. Baronsmead 4C issued in 2006 was merged into Baronsmead 4 in 2009. I remember when Octopus Titans 1,2, after some significantly successful investments, allowed new issues instant access to the suspected honey pot - much to the displeasure of certain investors. And since that time, Top-Ups have become the norm, so dilution is now common - but I take your point, such dilution may now be more significant due to the rule change. At the same time this means that new modest top up offers are desirable for those looking for further VCT investments. That's why I tried, and failed, to get part of the Northern offer.
Re: VCT Cash Piles
Posted: March 23rd, 2017, 9:32 pm
by naflod
Hi BBB
We are now fast approaching the end of the 'VCT SEASON" and many VCTs are flush with cash and doubtless you are working hard to get the new list out.
With great timing, I have been updating the table this evening! There are three more results that I hope will come in over the next week or so.
The width of the table is the maximum that will show without the text wrapping, however it should be relatively straight forward to add them to the spreadsheet, so I could post a second table showing the fees effect along with the usual update. As I will need to pick up the managers' fee rates for each VCT, I may leave it until the next update after the coming one.
naflod
Re: VCT Cash Piles
Posted: March 24th, 2017, 8:18 am
by BusyBumbleBee
Many thanks, Naflod - look forward to it.
Maybe it will give some investors pause to think and see the the VCT Season (and the Pension Season and the ISA season) is there primarily for the manager and not the investor. Also to stop and think whether VCTs are the investment they were before the rather significant recent changes
Kind regards - BBB
Re: VCT Cash Piles
Posted: April 27th, 2017, 6:44 pm
by naflod
It took another month until the final result (Foresight) came in, but the latest table is now here:
Code: Select all
Invs (exc
fund parked 6m 12m 6m 12m war
raising Date cash) Cash Pipeline Pipeline realised realised chest years
2017 £m £000's £000's £000's £000's £000's £000's £000's
Albion Dev 4.0 31/12/2016 33,798 10,153 2,715 3,797 14,153 5.21
Albion Enterprise 6.0 31/12/2016 35,719 8,629 2,135 473 14,629 3.43
Albion Tech&Gen 6.0 31/12/2016 57,021 6,752 3,821 3,044 12,752 3.34
Albion VCT 6.0 30/09/2016 51,672 6,706 4,373 318 12,706 1.45
Baronsmead VT 30/09/2016 128,261 21,591 4,475 15,494 21,591 4.82
Baronsmead 2VT 30/09/2016 116,579 24,110 1,512 6,191 24,110 7.97
Br Smaller Cos 4.3 30/09/2016 62,672 29,544 1,376 847 33,844 12.30
Br Smaller Cos 2 4.2 31/12/2016 39,319 15,863 4,508 3,057 20,063 4.45
Chrysalis 31/10/2016 17,811 6,318 755 1,890 6,318 8.37
Crown Place 31/12/2016 34,406 4,855 1,553 1,136 4,855 1.56
Downing One 30/09/2016 87,644 8,118 25,577 5,549 8,118 0.16
Edge H 31/08/2016 3,171 2,112 500 2,112 2.11
Foresight 1 Ord 31/12/2016 66,151 39,355 4,877 673 39,355 8.07
Income & Growth 30/09/2016 42,583 29,310 5,120 7,390 29,310 5.72
Maven 4 VCT 31/12/2016 28,108 4,394 6,441 12,897 4,394 0.68
Maven 5 VCT 30/11/2016 26,077 4,103 10,478 15,388 4,103 0.39
Mobeus I&G 31/12/2016 40,588 21,657 3,950 2,970 21,657 5.48
Mobeus I&G 2 30/09/2016 22,797 18,202 374 59 18,202 24.33
Mobeus I&G 4 31/12/2016 29,854 22,246 2,884 2,402 22,246 7.71
Northern VT 4.3 30/09/2016 69,226 8,552 6,200 11,100 12,852 2.07
Northern VT 2 4.3 30/09/2016 60,991 11,093 5,000 4,400 15,393 1.54
Northern VT 3 4.3 30/09/2016 68,849 1,542 4,700 3,300 5,842 0.62
Octopus Titan 120.0 31/10/2016 225,536 100,644 45,926 54,119 220,644 4.80
ProVen 31/08/2016 63,836 36,329 3,290 6,269 36,329 5.52
ProVen G&I 39.0 31/08/2016 62,184 10,578 2,780 7,265 49,578 8.92
202.4 1,474,853 452,756 53,170 102,150 35,807 134,221 655,156 3.14
There are a couple of eye watering numbers in there: 12 years for British Smaller Co's and 24 years for Octopus Titan!
Overall the average time to invest is pi, 3.14 years so exceeding the three year time limit. Hopefully this is down to the low level of investments over the last year as fund managers became familiar with the new investment rules and the rate of investment will pick up again, although each manager still appears to be experiencing delays in getting pre-approval from HMRC.
As usual, please let me know if there are any errors or omissions and I will correct them.
naflod
Re: VCT Cash Piles
Posted: April 28th, 2017, 4:31 pm
by sinterklaas
naflod wrote:There are a couple of eye watering numbers in there: 12 years for British Smaller Co's and 24 years for Octopus Titan!
Did you mean 24 years for Mobeus I&G 2?
Titan only appears to have 4.80 in the 'Years' column; less than a dozen or so of the others.
Re: VCT Cash Piles
Posted: April 28th, 2017, 4:54 pm
by naflod
Thanks marktristan
Did you mean 24 years for Mobeus I&G 2?
Indeed I did. In the words of Captain Mainwaring: I was wondering who would spot that first
naflod
Re: VCT Cash Piles
Posted: June 22nd, 2017, 10:04 am
by Kidman
Reading my Northern 3 (NTN) annual report, I notice that they still have investments in six shell companies described as "seeking VCT qualifying trade". I understand that these companies were just cash awaiting investment but they helped the VCT satisfy the 3 year investment rule.
They are listed in note 11 and we can see in note 9 that five of the six repaid loan stock during the financial year. Some £8m at the beginning of the year and under £4m at year end.
I wonder how many of these companies still exist over all VCTs and whether they are still of use now replacement capital has been outlawed?
Re: VCT Cash Piles
Posted: June 22nd, 2017, 11:18 am
by scotia
I wonder how many of these companies still exist over all VCTs and whether they are still of use now replacement capital has been outlawed?
They certainly seem to be of significant use to the Investment managers - a nice little fee earner for doing nothing.
It does seem perverse that we pay investment managers' fees for cash that is not invested.
(Uncle - I hope the apostrophe is acceptable - plural possessive - and the Investment managers are certainly possessive)
Re: VCT Cash Piles
Posted: August 4th, 2017, 5:15 pm
by naflod
Another quarter has gone by, I'm back from holiday and updating my summary is more fun than real work!
There are two debutants in the latest release - Elderstreet and Pembroke B
Code: Select all
Invs (exc
fund parked 6m 12m 6m 12m war
raising Date cash) Cash Pipeline Pipeline realised realised chest years
2017 £m £000's £000's £000's £000's £000's £000's £000's
Albion Dev 4.0 31/12/2016 33,798 10,153 2,715 3,797 14,153 5.21
Albion Enterprise 6.0 31/12/2016 35,719 8,629 2,135 473 14,629 3.43
Albion Tech&Gen 6.0 31/12/2016 57,021 6,752 3,821 3,044 12,752 3.34
Albion VCT 31/03/2017 55,473 10,496 4,521 572 10,496 2.32
Baronsmead VT 31/03/2017 150,342 4,329 1,949 33 4,329 1.11
Baronsmead 2VT 31/03/2017 181,337 2,711 2,074 46 2,711 0.65
Br Smaller Cos 31/03/2017 56,519 29,314 6,600 16,690 29,314 4.44
Br Smaller Cos 2 4.2 31/12/2016 39,319 15,863 4,508 3,057 20,063 4.45
Chrysalis 30/04/2017 17,797 7,508 1,050 3,222 7,508 3.58
Crown Place 31/12/2016 34,406 4,855 1,553 1,136 4,855 1.56
Downing One 31/03/2017 69,897 22,023 11,321 9,607 22,023 1.95
Edge H 28/02/2017 3,640 1,927 144 1,927 13.38
Elderstreet 31/12/2016 19,218 3,853 1,892 445 3,853 2.04
Foresight 1 Ord 31/12/2016 66,151 39,355 4,877 673 39,355 8.07
Income & Growth 31/03/2017 47,367 22,226 4,070 6,610 22,226 2.73
Maven 4 VCT 31/12/2016 28,108 4,394 6,441 12,897 4,394 0.68
Maven 5 VCT 30/11/2016 26,077 4,103 10,478 15,388 4,103 0.39
Mobeus I&G 31/12/2016 40,588 21,657 3,950 2,970 21,657 5.48
Mobeus I&G 2 31/03/2017 23,406 14,614 2,250 3,810 14,614 6.50
Mobeus I&G 4 31/12/2016 29,854 22,246 2,884 2,402 22,246 7.71
Northern VT 31/03/2017 54,082 26,583 1,000 10,807 26,583 13.29
Northern VT 2 31/03/2017 51,906 24,163 6,082 13,358 24,163 3.97
Northern VT 3 31/03/2017 60,447 14,081 6,856 12,394 14,081 2.05
Octopus Titan 30/04/2017 252,015 172,030 31,867 9,292 172,030 2.70
Pembroke "B" 31/03/2017 12,597 1,501 3,928 553 1,501 0.38
ProVen 28/02/2017 72,216 33,210 10,368 13,678 33,210 3.20
ProVen G&I 28/02/2017 68,624 46,450 9,166 14,540 46,450 5.07
20.2 1,587,924 575,026 45,698 102,802 31,619 129,875 595,226 3.07
The average time to invest current funds comes out as close as anything to three years, so it looks like things are starting to gain traction again after the wobbles that the changes in legislation caused.
The two highest individual averages, both just over 13 years are the perennially incompetent Edge and Northern, who must have plenty in the pipeline given the announced fundraising.
I have now put a marker in my spreadsheet against each VCT that has put money into shells waiting to find opportunities, so hopefully I won't miss any, but I wouldn't put it past myself, so please point out if I've missed any. I have adjusted the Northern group, Mobeus group and Downing for shells.
Any other errors, please let me know
naflod
Re: VCT Cash Piles
Posted: October 16th, 2017, 10:32 pm
by BusyBumbleBee
Hi Naflod - hope you are well
Looking forward to your next list - incorporating the new funds raised.
kind regards - BBB